Contemporary auditing and risk management - Essay Example

Extract of sample Contemporary auditing and risk management

In the event that our application is not complied with, we ought to cease to act as auditor to your company or to support the company in any revenue or tax matter. We must convey a copy of our resignation to an applicable office of the Revenue Commissioners within 14 days. We ought to report material pertinent offences to the administrator of the company in writing, in a period 6 months. Our costs or fees are calculated on the basis of the period spent on your matters by our staff and partners, and on the levels of expertize and obligation involved and expenses incurred and VAT. We shall not reveal, to potential competitors or third party, confidential information attained in during our professional duty without your permission unless a legal right to disclose. Under the law of our institution, we obliged to avail all documents available for scrutiny in the course of a general practice review. Where the engagement is dismissed the constitutional provisions governing dismissal or termination of auditors in accordance to the Companies Act, shall apply. When we as auditors cease to continue in office, we have an obligation to notify UK Auditing and Accounting Supervisory Consultant within one month after the date of cessation. Once this letter has been approved, it will remain operative, from one audit employment to another, till it is replaced. We shall be thankful if you could sanction in writing your pact to the terms of our engagement letter, by appending your signature and returning copy of this letter, or inform us if they are not in accordance with your comprehension of our terms of appointment. Yours faithfully, _______________________ Loughran and Shrives Chartered Accountants We approve to the terms of this letter. ______________________________________ Signed for and on behalf of Land Securities Group Plc. Ethical Issues for New Clients Leaflet Study Title: Ethical Issues for New Clients Leaflet Firm: Loughran and Shrives Chartered Accountants Client: Land Securities Group Plc Ethical auditing is a procedure which examines the internal and external reliability of a company's values base. The key ideas are that it must be value-linked, and that it integrates a stakeholder method. Its purposes are two-fold: It is envisioned for transparency and accountability towards stakeholders and it is anticipated for internal regulation, to meet the moral objectives of the company. The importance of the moral audit is that it empowers the company to evaluate itself through a diversity of lenses: it incarcerations the company's ethical profile. Compliance with moral requirements involves: independence of a company with ethical standards supporting all stakeholders. Integrity of all the undertakings; where confidentiality, transparency, and accountability upheld. Objectivity and Professional Competence are added values. Our firm has been tested for the above ethical issues and proven fit of all. If you need any additional information now or at any moment in the future, please contact: Name: Address: Phone No: Internal Control and Risk Management Letter The findings of the Cadbury Board provided an outline for corporate control which has become the foundation for the
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Summary

Contemporary Auditing Name: Institutions: Course: Date: ENGAGEMENT LETTER Loughran and Shrives Chartered Accountants And Statutory Audit Firm April 9, 2013 Land Securities Group Plc London, WC2N 5EH, United Kingdom Dear Sirs. The essence of this letter is to provide the foundation on which we practice as auditors of the company and the corresponding areas of obligations of ourselves and of the company…

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Contextually, in terms of both auditors and clients, this letter primarily depicts the terms and the provisions of the engagement where the purpose of the engagement and the terms of the compensation for the auditors are appropriately mentioned. The purpose of this letter is to establish an engagement relationship amid Hammerson plc, a FTSE listed company and Loughran and Shrives Chartered Accountants, who would act as an auditor for the company.

It also involves auditor’s responsibility towards the client. An engagement letter describes the lawful relationship or an engagement between an ‘audit firm’ along with its clients. The engagement letter involves within it the terms and the conditions of the engagement, which mainly addresses the opportunity of the particular engagement and the details of the compensation complying with the firm.

I will be individually responsible for the auditing tasks and I can certify you that the service you would obtain from us would be of highest quality. We have agreed that we shall accumulate, as your representatives, the financial records on the basis of accounting information upheld by yourself and you will make complete disclosure of pertinent financial data to us.

Auditing is the only alternative for a firm to interpret the outcomes of its previous year’s operations and to assess the current status of affairs. The given case reflects the auditing operations in Cheaphol plc by Winters & Co. The Cheaphol plc is a tour operator, who had been performing its business excellently until a fire at a foreign hotel killed their ten guests on 28th May, 2010.

rvice is another type of assurance service, which provides information through written statements, and this increases the reliability of the information of assertion of the other responsible party. An auditing service also helps in investigating and evaluating with evidence the

d control can be manifested in assessing whether the company’s operations are in-line with that of the policies stated and they are being conducted in an efficient and effective way. Management auditing is significant to entrenching the worldwide established standards and

These contents include: The purpose or objective of the engagement, Managements responsibility with regard to the financial statements, the financial reporting framework to be adopted, scope of the audit, form of the report

63-65). The users need the information for decision-making purposes. The paper presents three areas of heightened audit risk and the substantive procedures necessary to reduce the audit risks to an acceptable

6 pages (1500 words)Essay

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